DETROIT — Ford Motor Co. is lowering the price of its Mustang Mach-E crossover between $1,000 and $3,000, depending on the trim, as it prepares to launch the vehicle later this year.
In a memo to dealers, Ford said the Premium trims will get a $3,000 price cut, with the all-wheel-drive version dropping to $50,800 and the rear-wheel-drive model falling to $48,100. The California Route 1 rwd trim price will decrease $2,000 to $50,900.
The most expensive Mach-E, the sold-out First Edition model, will get a $1,000 price cut to $59,400. The Select trim, the vehicle's least-expensive variant, will also see a $1,000 price cut, with awd model prices falling to $46,695 and rwd models falling to $43,995.
All prices include $1,100 in shipping fees. Customers also are eligible for a $7,500 federal tax credit.
Ford, in the memo, said all price changes go into effect today but will apply to those who have placed orders or made a reservation since the vehicle was unveiled. Ford did not announce any price changes for the GT variant, which will go on sale next spring.
"Exceptional value has always been a hallmark of the Mustang brand," Ford said in a statement. "In addition to its great all-electric driving range and performance, we're adjusting Mustang Mach-E pricing to remain fully competitive in a segment that is seeing dynamic price changes."
The news was first reported by the Mach-E Forum on its website earlier Tuesday.
The Mach-E will face a number of competitors, including Volkswagen's recently unveiled ID4 crossover, which will start at $41,990, including shipping, and get up to 250 miles on a charge. The Mach-E's range will start at 230 miles, with more expensive trims getting up to 300 miles.
The Tesla Model Y, out now, starts at $49,990 and gets 316 miles on a charge.